Q.The following balances appeared in the books of Vinoth on Jan 1 2018. Assets : Cash ₹ 40,000; Stock ₹ 50,000 ; Amount due from Raj ₹ 50,000 Machinery ₹ 40,000 ; Liabilities : Amount due to Hari ₹ 30,000. Pass opening Journal Entry.
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Start your 14-day free trial to unlock the full solution →Opening Journal Entry: Cash, Stock, Raj and Machinery debited (total ₹1,80,000); Hari ₹30,000 and Capital ₹1,50,000 credited.
An opening journal entry in the Tamil Nadu HSC Class-11 Accountancy syllabus is passed at the start of a new year to bring forward the closing balances of the previous year. The rule: all assets are debited (they carry debit balances) and all liabilities are credited; the capital is the balancing figure.
Step 1 — Find capital using the accounting equation:
Capital = Total assets − Total liabilities
= (Cash 40,000 + Stock 50,000 + Raj 50,000 + Machinery 40,000) − (Hari 30,000)
= 1,80,000 − 30,000 = ₹1,50,000.
Opening Journal Entry (Jan 1, 2018)
| Date | Particulars | L.F | Debit ₹ | Credit ₹ |
|---|---|---|---|---|
| 2018 Jan 1 | Cash A/c Dr. | 40,000 | ||
| Stock A/c Dr. | 50,000 | |||
| Raj A/c Dr. | 50,000 | |||
| Machinery A/c Dr. | 40,000 |
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